Tesla Lost $282 Million in first Quarter over Model X Shortage

Tesla Motors lost $282.3 million in the very first quarter as it had a hard time to increase production of its latest vehicle, the Model X SUV.

The loss, of $2.13 per share, far gone beyond Wall Street’s projections. Experts surveyed by FactSet expected a loss of 87 cents per share.

Tesla provided 14,810 Model S sedans and Model X SUVs in the January-March duration. That was lower than expected due to parts shortages for the Model X early in the quarter. However it was still a 48 percent boost in shipments over the exact same period a year back.

Tesla stated its first-quarter earnings increased 22 percent to $1.15 billion.
The Palo Alto, California-based firm stated it remains on track to provide 80,000 to 90,000 new vehicles this year.